IRVINE, Calif., Aug. 02, 2022 (GLOBE NEWSWIRE)
Preservation Equity Fund Advisors, LLC (PEF Advisors), a real estate private equity group focused on preserving existing affordable housing in high-cost markets, announced its acquisition of Oaks at Olde Towne in Gaithersburg, Montgomery County, Md.
Within 40 minutes of the District of Columbia, The Oaks at Olde Towne is one four-story building of 72 units of affordable housing for seniors. The unit mix includes 47 one-bedroom units and 25 two-bedroom units. Affordable set-asides for the property include 98% of the units at 50% area median income (AMI).
The project is 98.6% occupied (as of September 21, 2021) and includes a leasing office, business center, library, fitness room, television room and four laundry rooms. Parking consists of 22 open spaces with an additional 14 open spaces via an easement with the neighboring lot. Unit amenities include a balcony/patio, walk-in closet, fully equipped kitchen and air conditioning.
Current resident services include a shuttle service that runs two days per week with three trips per day, coordinated game nights and activities, and free groceries one to two times per month with coordination from local food banks.
PEF Advisors is committed to maintaining the affordability of the property and continuing resident services.
About Preservation Equity Fund Advisors, LLC
Since 2017, Preservation Equity Fund Advisors, LLC (PEF Advisors) has focused on acquiring and preserving existing affordable housing in high-cost markets through private equity funding. PEF Advisors is an affiliate of WNC. PEF Advisors has access to WNC’s more than 50 years’ experience in acquiring more than 1,650 properties representing $13.7 billion in affordable housing nationwide, including through tax credit and/or preservation equity strategies.
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